The Group of Thirty (chaired by Obama Economic Adviser Paul Volcker) has released Financial Reform: A Framework for Financial Stability. The report addresses flaws in the global financial system.

Its 18 specific recommendations include:

• the activities of government-insured deposit-taking institutions should be subject to prudential regulation and supervision by a single regulator (that is, consolidated). The largest and most complex banking organizations should be subject to particularly close regulation and supervision, meeting high and common international standards.
• Large, systemically important banking institutions should be restricted in undertaking proprietary activities that present particularly high risks and serious conflicts of interest.

Watch the CNBC interview with Volcker